Recently, I came across a fairly interesting phenomenon: crypto companies in the U.S. are joining forces to speak out and push legislative progress. Last week, more than 100 crypto firms and industry organizations jointly sent a letter to the Senate Banking Committee, urging the advancement of the Clear Act, with the goal of establishing a federal digital asset framework. The list of participants includes not only leading platforms such as Coinbase, Ripple, and Circle, but also major institutions like a16z and Paradigm—so the lineup is indeed quite strong.

The core demands of these crypto companies are actually very straightforward: regulation enforcement alone cannot provide stable rules. They particularly highlighted a risk—if this continues, it could lead to a situation of “regulatory enforcement replacing legislation.” In the letter, they listed six legislative priorities, including sorting out the division of authority between the SEC and the CFTC, protecting developers of non-custodial tools, and preserving stablecoin payment rewards.

Meanwhile, the U.S. banking industry is also making its voice heard. The American Bankers Association has asked the U.S. Treasury and the Federal Deposit Insurance Corporation to extend the rule review period for the Genius Stablecoin Act, arguing that they need to wait for the Office of the Comptroller of the Currency to complete the framework. The bankers’ logic is that the rules from the Treasury and the federal criminal enforcement network, as well as the rulemaking of the Federal Deposit Insurance Corporation, all directly depend on the OCC’s final framework. This dispute has already dragged on for several months, and if they continue to stalemate, it could affect the outlook for the Clear Act to become law this year.

What’s interesting is that in other parts of the world, regulatory stances are clearly more proactive. The Securities and Futures Commission (SFC) of Hong Kong has just announced a new framework that allows tokenized investment products to be traded in the secondary market, with the first batch mainly consisting of tokenized money market funds. The UK Treasury also released a plan to bring traditional payment services, stablecoins, and tokenized deposits under a unified regulatory framework. The Tokyo Metropolitan Government in Japan has directly launched a yen stablecoin subsidy program, with a per-transaction subsidy cap of 40 million yen. South Korea’s stablecoin legislation is also set to be introduced soon: the Democratic Party plans to submit a foundational bill after the June local elections.

From the project perspective, there are several developments worth watching this week. Coinbase is in talks with a large crypto exchange to explore the tokenization and global distribution of U.S. stocks and Pre-IPO assets. DBS Bank’s asset management arm under Singapore’s DBS Bank has launched a tokenized physical gold fund, issued on Ethereum and Solana. Several major Japanese institutions have started a pilot on Canton Network for digital collateral management of Japanese government bonds. Twelve European banks are collaborating with Fireblocks to develop euro stablecoins compliant with the MiCA framework, aiming to launch in the second half of 2026.

On the funding front, the yen stablecoin issuer JPYC has completed an additional 2.8 billion yen in financing, bringing total funding to 4.6 billion yen. KAIO, a tokenization platform in Abu Dhabi, also raised $8 million in strategic funding, led by Tether.

In terms of data, the total market capitalization of on-chain RWA has surpassed $30 billion, hitting an all-time high. The total stablecoin market cap remains steady above $301 billion. Retail investor participation is recovering, and the market structure is becoming healthier. Interestingly, monthly trading volume actually fell by 9.15%—which may reflect market adjustments, as large-scale settlement and arbitrage demand has cooled down.

Overall, the sense is that this week the interaction between crypto companies and regulators has become more complex. The U.S. is still bickering, but other parts of the world have already started taking action. If you’re following the stablecoin and RWA space, this really is an interesting timing. Recently, I’ve also been keeping up with the progress of these related assets on Gate—if you’re interested, you can check the market for yourself.